Just a quicky note the additional 90-day foreclosure delay put in by the California legislature started on June 15th. While most major servicers are exempt it is possible that many investors are not considering loan modification in line with what is expected by the law and therefore the additional delay may have applied. So it is possible past Tuesday we will start seeing more notice of trustee sales being filed (NTS) and then 21 days later a bigger uptick in sales. Or it could be the NTS is already filed and the lender could have waited an additional 90 days as a CYA move. In which case we should see a bigger uptick over the next two weeks.
I have no way of knowing why certain foreclosures are being delayed but am presenting this as a possibility for more foreclosures soon. I think the bank regulators are slowing down foreclosures more than any state law and I don't think this law has done much. But I just thought it would be something to watch in the coming weeks.
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